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In a centrally planned economy, the central problems are solved by?

ADemand for goods

BPlanning authority

CSupply of goods

DMarket mechanism

Answer:

B. Planning authority

Read Explanation:

Method which can be employed to solve the central problems in a centrally planned economy, is the adoption of economic planning,for that Government sets up a central planning authority which has been called by several names, such as planning commission, planning ministry or planning board.

Related Questions:

Which of the following statements correctly identifies the objectives of economic planning in India?

  1. Modernization involves adopting the latest technologies and fostering societal changes, including the protection of women's rights and social security.
  2. The primary goal of self-reliance is to increase dependence on foreign aid for industrial development.
  3. Equity in economic planning aims to ensure that all citizens benefit from national progress and receive basic necessities, health protection, and a fair distribution of wealth.
  4. Economic growth is considered unimportant in economic planning.
    The objective of 'Self-reliance' in economic planning aims to :
    What does 'Modernisation' in the context of economic planning refer to ?
    Ensuring 'Equity' in economic planning means :
    Father of Indian planning is :